CORN
- May down 7 @ 5.45 & Dec down 5-1/2 @ 4.61
- Sideways trade ahead of USDA report
- Dry weather lies ahead for Brazil’s Safrinha Corn Belt
- Safrinha corn is close to 100% planted in Mato Grosso
- Trade estimate for US March 1 corn stocks is 7.76 bb – compared to last year’s 7.79 bb
- Average estimate for acreage is 93.2 million acres (range 92 – 94.5 million acres)
- Funds still approx.. 350,000 contracts long
- Export inspections 1.695M mt
SOYBEANS
- May down 10 @ 13.90 & Nov down 1 @ 11.18
- Beans hovering above 50-day moving average
- Soybeans pressured by volatile soybean oil market
- Brazil’s soybean harvest expected to reach 70% complete this week
- March 1 soybean stocks report expected 1.543 bb
- Soybean planting pegged at 89.9 million acres (range 86 million – 91.6 million)
- Funds still expected to be 116,000 contracts long
- Export inspections 425K mt
WHEAT
- May down 1 @ 6.11, May KC down 5 @ 5.62, May MNPLS down 4 @ 6.09
- Weakening global prices pressure futures
- Rains in much of the US Wheat Belt continue to add bearish pressure
- Ukraine & Russian cash wheat export prices fell last week
- Improving crop conditions in Europe, Australia, Russia fuel sell-off
- Funds which were once heavily long 60K+ KC wheat are now only long 5,000 contracts
- Export inspections 302K mt
CATTLE
- Jun cattle up 1.60 @ 123.37 & Apr FC up 2.77 @ 147.90
- Strong boxed beef prices mean packers will need more to fill demand
- Jun LC futures & Apr FC – broke & are currently putting in contract high mid-morning
- Today’s slaughter est. at 118K head
- Cattle sales last week from 115-116 – Dressed ranged 184-185
- Feeder Cattle Index for March 25, up 1.29 @ 136.75
- Open interest gained 374 for Jun futures & lost 440 contracts for Apr FC
HOGS
- Apr Hogs down 0.40 @ 100.95 & Apr Pork Cutout down 0.30 @ 109.75
- Fear of tighter supply feeds the buying frenzy for hogs
- Price gaps left in futures leaves room for backfill
- Hog slaughter estimated at 491K head
- Cash Lean Index for March 24, up 0.74 @ 94.59
- O/I: Lost 1471 positions for Apr hogs & pork cutout futures gained 5 positions
Author
Amberlee Bratcher